OPEC supply cut compliance hits record, oil glut going fast

Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast, a joint OPEC and the non-OPEC committee said, bringing producers close to the pact’s original aim. OPEC and its allies achieved 138 percent of pledged output reductions last month, OPEC said, up from 133 percent in January and the highest since the deal aimed at clearing a glut began in January 2017. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers have extended the pact until the end of 2018, even though OPEC sources say the market is now expected to balance between the second and third quarters. A rapidly shrinking […]